Eaton Co. plc (NYSE:ETN) Shares Sold by Estabrook Capital Management

Estabrook Capital Management cut its holdings in shares of Eaton Co. plc (NYSE:ETN) by 8.1% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 30,998 shares of the industrial products company’s stock after selling 2,715 shares during the period. Eaton comprises approximately 1.5% of Estabrook Capital Management’s investment portfolio, making the stock its 18th biggest holding. Estabrook Capital Management’s holdings in Eaton were worth $9,719,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the business. LifeSteps Financial Inc. acquired a new position in shares of Eaton in the 1st quarter valued at about $25,000. Breakwater Investment Management lifted its holdings in Eaton by 1,560.0% in the second quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock valued at $26,000 after acquiring an additional 78 shares during the period. Atwood & Palmer Inc. boosted its position in Eaton by 142.9% in the 1st quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock worth $27,000 after purchasing an additional 50 shares in the last quarter. Clear Investment Research LLC acquired a new stake in shares of Eaton during the 4th quarter worth approximately $29,000. Finally, Proffitt & Goodson Inc. purchased a new position in shares of Eaton during the 2nd quarter valued at approximately $29,000. 82.97% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Eaton

In other news, insider Taras G. Jr. Szmagala sold 335 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $288.72, for a total transaction of $96,721.20. Following the transaction, the insider now owns 9,900 shares of the company’s stock, valued at approximately $2,858,328. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, insider Taras G. Jr. Szmagala sold 335 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $288.72, for a total value of $96,721.20. Following the transaction, the insider now directly owns 9,900 shares in the company, valued at $2,858,328. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Heath B. Monesmith sold 49,040 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $301.02, for a total value of $14,762,020.80. Following the completion of the transaction, the insider now owns 71,262 shares of the company’s stock, valued at $21,451,287.24. The disclosure for this sale can be found here. Insiders sold a total of 52,511 shares of company stock worth $15,809,326 in the last three months. 0.53% of the stock is owned by corporate insiders.

Eaton Price Performance

Shares of NYSE ETN opened at $330.60 on Friday. The firm has a 50-day simple moving average of $299.93 and a 200-day simple moving average of $312.60. The company has a quick ratio of 1.07, a current ratio of 1.56 and a debt-to-equity ratio of 0.44. The stock has a market capitalization of $132.17 billion, a price-to-earnings ratio of 39.03, a price-to-earnings-growth ratio of 2.28 and a beta of 1.01. Eaton Co. plc has a 52 week low of $191.82 and a 52 week high of $345.19.

Eaton (NYSE:ETN) last released its quarterly earnings data on Thursday, August 1st. The industrial products company reported $2.73 EPS for the quarter, beating analysts’ consensus estimates of $2.61 by $0.12. The company had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.35 billion. Eaton had a net margin of 15.12% and a return on equity of 21.45%. On average, equities analysts predict that Eaton Co. plc will post 10.74 earnings per share for the current fiscal year.

Eaton Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Monday, August 5th were paid a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 1.14%. The ex-dividend date was Monday, August 5th. Eaton’s dividend payout ratio (DPR) is currently 44.39%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Wolfe Research raised shares of Eaton from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Evercore ISI dropped their target price on Eaton from $357.00 to $333.00 and set an “outperform” rating on the stock in a research report on Monday, August 19th. Citigroup initiated coverage on Eaton in a research note on Monday, September 16th. They issued a “buy” rating and a $348.00 price target for the company. Wells Fargo & Company lowered their price target on Eaton from $320.00 to $315.00 and set an “equal weight” rating on the stock in a research report on Friday, August 2nd. Finally, Barclays boosted their price objective on Eaton from $318.00 to $319.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Four equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $337.41.

Eaton Profile

Eaton Corporation plc operates as a power management company worldwide. The company's Electrical Americas and Electrical Global segment provides electrical components, industrial components, power distribution and assemblies, residential products, single and three phase power quality and connectivity products, wiring devices, circuit protection products, utility power distribution products, power reliability equipment, and services, as well as hazardous duty electrical equipment, emergency lighting, fire detection, explosion-proof instrumentation, and structural support systems.